BlockBeats News, May 11th, according to CoinGecko data, in the first quarter of 2026, the total volume of spot trading of tokenized gold reached $90.7 billion, exceeding the full-year 2025 total of $84.64 billion.

This not only reflects a surge in market demand for tokenized gold, with cryptocurrency participants looking to invest in this standout asset class, but also indicates the increasing accessibility of tokenized gold on various trading platforms. It is worth noting that centralized exchanges (CEX) account for the vast majority of spot trading of tokenized assets.

As of now, the spot trading volume of tokenized gold has shown monthly fluctuations, demonstrating a high sensitivity to market conditions. For example, in October 2025, as the price of gold hit a new all-time high, the spot trading volume of tokenized gold soared to $21.38 billion, more than three times the $6.73 billion of the previous month, before falling back to $14.07 billion in the following month.

Similar to the situation of the market capitalization of tokenized commodities, PAXG and XAUT dominate the spot trading of tokenized gold. During this period, PAXG accounted for 34.2% to 82.5% of the monthly trading volume, while XAUT accounted for 14.8% to 64.6%. Over the past fifteen months, the average monthly spot trading volumes of PAXG and XAUT were $5.72 billion and $5.32 billion, respectively, with an overall average monthly total volume of $11.69 billion. Meanwhile, KAG had an average trading volume of $570 million, Tether's fully backed XAUT0 reached $100 million, and XAUM was only $7 million.